Sec 40a(3)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 February 2012
please clarify the following question
if i purchase following items from "x" party
sand 26000
jelly 25000
marum 28000
we pay to "x"
sand 20000
jelly 20000
marum 20000
in a single day for separately expenditure wise,
please enplane sec 40a(3) above situation
if i purchase following items from "x" party
sand 26000
jelly 25000
marum 28000
we pay to "x"
sand 20000
jelly 20000
marum 20000
in a single day for separately expenditure wise,
please enplane sec 40a(3) above situation
14 February 2012
as per provision of 40A(3), any expenditure incurred by assessee in respect of which a payment or aggregate of payments made to a person in a day otherwise than by an accountant payee or bank draft exceeds Rs.20,000, no deduction shall be allowed.
So your example ll be hit by this provision.. And no deduction ll be available as payment is made to one person exceeding Rs.20000. In a single day
So your example ll be hit by this provision.. And no deduction ll be available as payment is made to one person exceeding Rs.20000. In a single day
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 February 2012
Thank You Sir
14 February 2012
DO agree with Expert...
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